CALGARY, ALBERTA, August 31, 2010 – Torquay Oil Corp. (TSX-V: TOC.A & TOC.B) has today granted an aggregate of 1,227,500 stock options to directors, officers, employees and consultants of the Corporation, of which, 912,500 stock options were granted to directors and officers, in accordance with Torquay's incentive stock option plan. All of the options are exercisable at $1.05 per share, vest in equal tranches of one-third on each of the first, second and third anniversaries of the date of grant and expire after five years.